Looking for information about your firm's panel status?
Suffolk Building Society Conveyancing Panel Assistance:
The Society operates a Conveyancing Panel and in order for Firms to act for the Society you must be appointed to this panel. To be appointed to the panel you should apply at:-
www.lms.com/lenderpanels
You must also comply with the terms and conditions of your Suffolk Building Society solicitor panel appointment.
- Areas of Law covered by the firm
- Whether the firm has ever knowingly accepted instructions on transactions involving Sale and Rent Back, Back to Back, Exchange and Delayed Completion and Lease Option, Below Market Value.
- Whether the firm has ever applied for accreditation and the outcome of the application
- Structure of firm and, where applicable, its group
- The percentage of the firm’s business which is conveyancing broken down into sale
- Conveyancer client account(s) details
- Full disciplinary history for each conveyancing solicitor
- PII Cover details, including, if relevant, whether the firm is or has been in the assigned risks pool and structure of cover – top-up split and history of any refusals
- Full career history for each solicitor including admission date to the relevant Law Society
Institutional lenders, such as a building society, is a client and is entitled to instruct the solicitor or conveyancer of its choosing (who, in turn, is free to accept or refuse instructions). Therefore, if lender and borrower cannot agree which solicitor or conveyancer should represent them jointly, they would usually proceed on a separate representation basis.
In your situation, if the purchaser will not consent to the information being passed on to the lender, the solicitor must cease to act for Suffolk Building Society and it may well be prudent for you to cease to act for the purchaser as well. You must not inform Suffolk Building Society of the reason for termination of the retainer over and above the fact that a conflict has arisen. The fact that you can no longer act should alert even the most somnambulistic of lenders that something is wrong with the borrower and/or purchase. The fact that you have disinstructed yourself should not affect your Suffolk Building Society conveyancing panel status.
Find a Lawyer on the Suffolk Building Society Conveyancing Panel
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